The companies, products and regulatory developments shaping the broker industry.
The UK company’s revenue fell 19.3%. Its accounts also show that the FTMO transaction accelerated share awards, changing the explanation of the 2025 earnings reversal.
The UK company reduced costs almost as fast as revenue in 2025. Its filed accounts show that a liquidity-provider receivable impairment then produced an operating loss, while net finance income restored a small pre-tax profit.
A fixed $0.0026-per-share payment became 12% of the quoted spread, lowering the formula at narrow spreads and increasing it at wider ones.